@Rbharosy wrote:
Do I use the Market Value or the Appraised Value of the property?
The fair market value and appraised value should line up (at least roughly). Regardless, you would use the fair market value on the date of the gift for the purposes of Form 709.
@Rbharosy wrote:
Do I need 2 or 3 Appraisals to substantiate the current value of the property OR a single Appraisal will do?
One appraisal from a certified real estate appraiser should be sufficient.
@Rbharosy wrote:
Should you file the Form 709 with your Tax Return or anytime in the year?
You do not file Form 709 with your individual income tax return (Form 1040); it is filed separately. Further, you should file Form 709 for the tax year in which the gift was made. Again, seek guidance from local legal counsel.
@Rbharosy wrote:
How do I make sure the Assessor.......
The local property assessor should have nothing to do with property value on Form 709 and you would not file Form 709 with the assessor. The deed, however, should be recorded and, again, you should consult with local legal counsel.
